Maytas Infra IPO subscribed over 2 times

MUMBAI: The initial public offer (IPO) of Infrastructure development firm Maytas Infra got subscribed nearly two times on the third day of its issue.

A total of 17.85 crore bids were received for 8.85 lakh shares on offer, latest data available on the stock exchange show.

Maytas had fixed the price-band at Rs 320 to Rs 370 a share and expects to raise about Rs 327 crore from the issue.

The Qualified Institutional Buyers (QIBs) got subscribed 1.11 times, while the Retail Individual Investors (RIIs) section got marginally subscribed. The Non-Institutional Investors segment, however, remained unsubscribed.

The company plans to use the proceeds to utilise in different built-operate-transfer (BOT) projects that are under development.

Out of the total proceeds from the issue, the company would use Rs 27.7 crore in the Bangalore-Hosur elevated expressway, Rs 127 crore in the 300 MW coal-based KVK Nilachal power project in Orissa and Rs 34.25 crore in the 56 MW coal washery reject-based SV power plant and 2.5 million MT per annum coal washery at Korba in Chhattisgarh.

It would utilise Rs 33.29 crore for buying construction equipments, while the remaining amount would be kept for other projects and capex purpose.